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10 million pension holders don’t know how to avoid running out of money in retirement

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Clive Bolton, Managing Director of Savings and Retirement at LV=, said: “A DIY approach to managing large pension funds at retirement is fraught with risk.

“People can easily buy the wrong products, incur unnecessary tax bills or simply exhaust their retirement funds too quickly but an adviser will provide an impartial, cool-headed approach to their client’s finances and offer solutions that the client will not even have considered.”

Furthermore, a staggering number of people on the eve of their retirement have little idea about their options and what they mean for them. This is the case for more than one in five of those entering retirement in the next five years.

Different retirement options each have their pros and cons which can make a monumental difference in retirement so being ignorant of what they mean, or picking the wrong option can significantly reduce quality of life in retirement.